industry’s - ibef revenues and unit sales • the construction equipment industry’s revenues are...
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High revenues and unit
sales
• The construction equipment industry’s revenues are estimated to reach USD22.7 billion by
2020 from USD5.1 billion in FY12. Unit sale of construction equipment is expected to grow
to 96,730 by 2020 from 55,946 in FY13
Rising infrastructure
investments
• The Planning Commission estimates total infrastructure spending to be about 10 per cent
of GDP during the 12th Five-Year Plan (2012–17), up from 7.6 per cent during the previous
plan (2007–12)
Increasing private
sector involvement
• Private sector is emerging as a key player across various infrastructure segments, ranging
from roads and communications to power and airports
Growth in real estate
sector
• The real estate market is estimated to grow to USD180 billion by 2020 from USD66.8
billion in 2011, driven by demand mainly from residential sector
Source: Planning Commission, Aranca Research
Construction equipment
analysis
• Construction equipment forms around 7 per cent to 8 per cent of GDP and gives
employment to more than 30 million people in the country. It also accounts for more than
60 per cent in total infrastructural investment
Growing demand
Source: Off - Highway Research, Department of Heavy Industries (DHI) Annual Report (FY12), CII, Aranca Research
Notes: FY - Indian Financial Year (April - March), E – Estimates, CAGR - Compound Annual Growth Rate, FDI - Foreign Direct Investment
Robust demand
• Significant allocation for the infrastructure sector in the 12th Five-Year Plan, and investment requirement of 1 trillion USD is expected to create huge demand for construction equipment
• Demand for construction equipment is expected to rise to USD9.9 billion by 2015, a CAGR of 24.1 per cent (from 2011)
Attractive opportunities
• Equipment rental and leasing business in India is small relative to developed markets and has a strong growth potential
• The after-sales revenue component in India is currently low and can be increased considerably
Policy support
• The material handling equipment industry is de-licensed & 100 per cent FDI is allowed under direct route
• The government has given approval to some financial institutions to raise money through tax-free bonds
• Excise duty cuts extended till December 31, 2014
• ‘Make in India’ pitch to boost investments
Competitive
advantages
• Increasing impetus to develop infrastructure in the country is attracting the major global players
• There has been cumulative FDI inflow of USD234.7 million in earth-moving machinery between April 2000 and December 2014
2012
Total
revenues:
USD5.1
billion
Total
volumes:
66,421
2020E
Total
revenues:
USD22.7
billion
Total
volumes:
330,000
Advantage
India
Source: Department of Heavy Industry (DHI), Aranca Research
• Domestic
necessity for
construction and
mining equipment
were entirely met
by imports
• Bharat Earthmovers Ltd,
a public sector company,
began domestic
production of
construction equipment
in India
• They began
manufacturing dozers,
dumpers, scrapers, etc,
for defence requirements
• Private sector started
emerging, led by
Hindustan Motors
Earth Moving
Equipment Division in
technical collaboration
with Terex, UK
• Followed by L&T,
Telcon and Escorts
JCB
• Most of the technology
leaders like Case,
Caterpillar, Hitachi, Ingersoll-
Rand, JCB, John Deere, Joy
Mining equipment, Komatsu,
Lieberr, Poclain, Terex,
Volvo are present in India as
joint venture companies, or
have set up their own
manufacturing facilities (or
marketing companies)
• Several Indian firms are
entering into tie-ups for
equipment rental & leasing
business, e.g., tie-up
between SREI Infrastructure
and BNP Paribas
• This is expected to drive
sales of equipment in future
Before 1960
1964
1969 onwards
Beyond 2000
Construction equipment
Earth-moving equipment
Material handling and
cranes
Concrete equipment
Road building equipment
Source: Department of Heavy Industry (DHI), Aranca Research
Earth-moving
equipments
• Earth-moving equipments is the largest segment of the construction equipment sector in
India; these equipments primarily find use in mining and construction
• Equipments include backhoe leaders, excavators, wheeled loaders, dumpers/tippers, skid
steer loaders
Material handling and
cranes
• Material handling equipments have four categories: storage and handling equipments,
engineered systems, industrial trucks, and bulk material handling
• There are 50 units in the organised sector for the manufacture of material handling
equipments and many units in the small-scale sector as well
Concrete equipments • Concrete equipments are used to mix and transport concrete
• They include equipments such as concrete pumps, aggregate crushers, transit mixers,
asphalt pavers, batching plants
Road building
equipments
• Road building equipments are used in the various stages of road construction
• Widely used ones are excavators, diggers, loaders, scrapers, bulldozers etc
Source: DHI Annual Report 2010-11, Aranca Research
Growth in revenues from construction equipment
(USD billion)
Source: The Boston Consulting Group, Aranca Research
Notes: CAGR - Compounded Annual Growth Rate,
FY - Indian Financial Year (April-March), E - Estimate
The construction equipment industry’s revenues are
estimated to have reached USD5.1 billion by FY12
Revenues increased at a CAGR of 6.6 per cent during
FY07-12 and is further estimated to rise at a CAGR of 24.8
per cent on rapid infrastructure development undertaken by
the Government of India
On the other hand, global construction equipment industry is
expected to grow at a CAGR of 7.7 per cent during 2012-16 3.7 3.9
4.3 4.6 4.2
5.1
6.4
8.0
9.9
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY07 FY08 FY09 FY10 FY11 FY12E FY13E FY14E FY15E
CAGR: 24.8%
Total no of construction equipment units sold
(‘000)
Source: Off-Highway Research, Aranca Research, NBM & CW
Note: E - Figure represents estimated figure
With infrastructure investment set to go up, demand for
construction equipment will rise further
Equipment sales are estimated to expand at a CAGR of 9.7
per cent to 82,000 units during FY06-16
50.0 45.5 40.5
58.7 72.2 66.4
55.9 60.7
96.7
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14E FY18E
CAGR: 6.2%
Construction equipment revenue breakdown by segments – FY10
Source: Indian Construction Equipment Manufacturers’ Association,
Aranca Research, Off-Highway Research
Note: E - Figure for FY12 is estimated
Backhoe loaders and crawlers excavators are expected to
account for over 69 per cent of total sales by 2020
62.1% 10.9%
9.4%
9.1%
8.5% Earth moving
Concreting
Road Construction
Material Processing
Material Handling
Unit sales of equipments
Based on revenues, earth moving holds the largest share in
the construction equipment industry (62.1 per cent)
In FY12, backhoe loaders comprised of 42 per cent of the
earth-moving equipment sales based on units, followed by
crawlers (about 20 per cent)
Clawer excavators is expected to be the fastest growing
segment, with sales to grow eight times to 107,500 units by
2020, mainly on demand for mid-sized crawlers (20T) from
the construction segment and their versatile usage
5% 4% 4% 3% 3% 3%
12% 9% 8%
20% 22% 27%
42% 41% 42%
1% 1% 1% 5% 5% 3%
12% 14% 12%
0%
20%
40%
60%
80%
100%
2012 2016E 2020E
Forklift Wheel Loaders Mobile Cranes
Crawler excavator Backhoe Loader Batching plants
Transit mixers Others
Increasing imports from
China
• Chinese equipment manufacturers have a strong presence in some segments like wheel
loaders (market share: 12 per cent), dozers (market share: 13 per cent)
• Chinese equipment tend to be price competitive, thereby putting downward pressure on
prices of domestic equipment manufacturers
Rising private sector
share
• The private sector’s share has expanded across key infrastructure segments, ranging from
roads and communications to power and airports
• Of the total planned infrastructure investments worth USD1 trillion during the 12th Five-
Year Plan, the share of private sector is estimated to be 47 per cent, up from 25 per cent
during the 10th Five-Year Plan
Rapidly growing
excavator segment
• The share of crawler excavators is estimated to increase to 35 per cent by 2016 from the
current 23 per cent, mainly on demand for mid-sized crawlers (20 tonnes) from the
construction segment
• Demand for larger excavators (30 tonnes) used in the mining segment is also expected to
increase in the years to come
Source: Planning Commission, Ministry of Commerce, Aranca Research
Note: R&D - Research and Development
Equipment rental
• Several Indian firms are entering into tie-ups for equipment rental & leasing business, e.g.,
tie-up between SREI Infrastructure and BNP Paribas
• This is expected to drive sales of equipments in future
• The market is expected to grow at a CAGR of 15-20 per cent by 2015
Customised equipments • There is demand for equipment's for niche applications
• The manufacturers have also started giving end to end solutions to cater to this demand
Source: Company website, Aranca Research
Note: R&D - Research and Development
Company Revenue in USD million Products
JCB India Ltd 1,104 (FY13)
Excavators, compactors and tele-handling
equipment, skid steers, wheeled and backhoe
loaders, telescopic handlers, engines
BEML Ltd 482 (FY14)
Crawler dozers, wheel dozers, excavators, dump
trucks, loaders, backhoe loaders, pipe layers,
walking draglines, rope shovels and sprinklers
McNally Bharat
Engineering Co Ltd 356 (FY14)
Crushing, screening and milling equipment,
pressure vessels, material-handling equipment,
steel plant equipment
Greaves Cotton Ltd 288 (FY14) Transit mixers, concrete pumps, heavy tandem
rollers, soil compactors
L&T 14,200 (FY14) Hydraulic excavators, components and hydraulic
systems
Elecon Engineering Co Ltd 56 (9MFY14) Elevators, conveyors and moving machines,
gears and crushers
Source: Aranca Research
Competitive Rivalry
• Big firms have intense competitive rivalry, as all major world players
operate in India
• Competition is deep as companies fight with each other on the quoted
price to win a contract amid high price sensitivity
• Low switching costs from buyers increase competition
Threat of New Entrants Substitute Products
Bargaining Power of Suppliers Bargaining Power of Customers
• Threat is low due to the capital-
intensive nature of the industry
• High maintenance and
distribution costs are other
barriers
• Bargaining power of suppliers
is low due to high price
sensitivity and very low
switching costs for buyers
• Power is high as few
construction and mining
companies do majority of bulk
buying, which gives them an
edge
• Threat is very low as there is no
substitute in this sector
• Same players are required
even for maintenance and up-
gradation of existing machines
Competitive
Rivalry
(High)
Threat of New
Entrants
(Low)
Substitute
Products
(Low)
Bargaining
Power of
Customers
(High)
Bargaining
Power of
Suppliers
(Low)
Source: Aranca Research
• In order to move up the value chain and become a one-stop shop, companies form JVs
with international players for technology transfer
• In 1998, L&T formed a JV with Komatsu for technical assistance
• BEML had a technical tie-up with Vosta to enter into dredging
• Companies today emphasise on mechanisation to suit the needs of changing Indian
mining industry
• Oil and coal companies are demanding larger-sized mining machinery with larger capacity
so as to increase output by enhancing recovery rates
• Most equipment manufactured in India undergo considerable wear and tear; thus,
maintenance of machinery becomes necessary after a period of time
• Companies are looking forward to increase their backup of trained technical professionals
to cater to maintenance demand in addition to focussing on human resource development,
to create a motivated sales and service force
• For eg. Providing on-site training and spare stock of consumables to customers
• Companies are stepping up their R&D spending to manufacture equipment without foreign
assistance
• Other aspects include quality control, enhancing power-to-load ratio, reducing operating
costs and use of better materials
Technical tie-up with
foreign partners
Modernising products
suiting changing
customer trends
Provision of after-sales
services
R&D
Source: Planning Commission, Aranca Research
Investment in infrastructure is the main growth driver of the construction equipment industry
The Planning Commission estimates total infrastructure spending to be about of 10 per cent of GDP during the 12th Five-
Year Plan (2012-17), up from 7.6 per cent during the previous plan (2007-12)
India’s investment in infrastructure is estimated to double to about USD1 trillion during the 12th plan (2012-17) compared to
the previous plan
Infrastructure spending as per cent of GDP Infrastructure spending during 11th and 12th
Five-Year Plan (USD billion)
75.7 69.4
89.5 101.6
101.9
157.4
181.2 206.0
233.5 264.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
FY08 FY09 FY10 FY11 FY12 FY13E FY14E FY15E FY16E FY17E
5.2%
6.4%
7.2%
7.5%
7.9%
8.4%
7.6%
10.0%
10th Five year plan
FY08
FY09
FY10
FY11
FY12
11th Five year plan
12th Five year plan
12th Plan
11th Plan
12th Five Year Plan – Fund allocation to
infrastructure sub-segments (USD billion)
Source: Planning Commission, Boston Consulting Group,
Economic Times, Aranca Research
Of total investment of USD1 trillion during the 12th Five-Year
Plan, over 20 per cent each is estimated to have been
allocated for roads and power sub-segments
For FY14, the Planning Commission has provided an outlay
of USD6.9 billion to develop the roads
India has the world’s second largest road network –
spanning 4.7 million kilometres. The Government intends to
increase the paved road to total road ratio and build more
national highways
China submitted a five year trade and cooperation plan to
India offering its willingness to finance 30 per cent of
government’s USD1 trillion investment target
Japan has also pledged USD35 billion investment over the
next five years
Recently, a delegation of US investors had announced their
willingness to invest USD250 million in India’s infrastructure
in the coming period of around 12 months
Such massive investment in infrastructure would boost
demand for construction equipment
356.4
227.8
126.8 119.4
86.3 84.5
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
Transport Power Others Telecom Irrigation Watersupply
Rising private investments for infrastructure
development
Source: Planning Commission, Aranca Research
According to the World Bank, India is second only to China
in terms of the number of Public Private Partnership (PPP)
projects. Encouragingly, the government is set to continue
promoting PPP models to help achieve its investment
targets
During the 12th Five-Year Plan, the Planning Commission
targets to achieve 47 per cent of total infrastructure
investments through private funding, up from 25 per cent in
the 10th Five-Year Plan
The Ministry of Roads, Transport and Highways of India has
plans for constructing six-lane roads worth USD5bn to
develop the Golden Quadrilateral
Golden Quadrilateral has four sections - Section I is a
1,454km stretch of National Highway 2 (NH2) from Delhi to
Kolkata, Section II is a 1,684km stretch from Kolkata to
Chennai, Section III is a 1,290km stretch from Chennai to
Mumbai and Section IV is a 1,419km stretch between
Mumbai and Chennai
Indian government has also planned to build 100 smart
cities. The government has allocated USD1.2 billion for this
project in its 2014-15 budget. This plan would need more
PPP’s for better and fast execution
75%
65%
53%
25%
35%
47%
0%
10%
20%
30%
40%
50%
60%
70%
80%
10th plan 11th plan 12th plan
Public Private
Production of coal (million tonnes)
Source: Ministry of Mines, BP Statistical Review of World
Energy - 2013, Coal India Limited, Aranca Research
Notes: MT - Million Tonnes,
* - FY14P - Provisional & FY15BE - Budget Estimates
Mechanisation of mining operations, a key ingredient behind
rising production, has led to increased demand for mining
equipment
India is world’s third largest coal producer with about 540
million tonnes produced in 2012
Coal production in India is estimated to increase at a CAGR
of 4.9 per cent to 575 MT during FY07-13
Coal India Limited (CIL) is undertaking 147 projects for a
total capacity of 437.1 MT per year
For the 12th Five-Year Plan, CIL has approved a capital
expenditure of USD4.4 billion
Total coal production in India stood at 556 MT for FY13
431
457
493 526 533
540 556 565
630
FY
07
FY
08
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14P
FY
15B
E
CAGR: 4.0%
Production of iron ore (million tonnes)
Source: Ministry of Mines, Aranca Research, Vision 2025
Notes: MT- Million Tonnes, P - Provisional,
FY14P - Up to September 2013
Production of iron ore in India stood at 169.0 MT in FY12.
India ranks 4th globally, accounting for 8 per cent of global
iron ore production
Production fell in FY13 and FY14 due to mining ban in
states of Karnataka and Goa. However, in April 2014, the
Supreme Court of India lifted the mining ban in Goa due to
which output is expected to rebound in 2014–15
Production of iron ore in FY14P (up to September 2013)
was 68 MT
A surge in steel production in the country is expected to
boost iron ore demand. India’s crude steel capacity is
estimated to rise from about 70 MT to 300 MT by 2025
The Ministry of Mines aims to reduce export duty on low
grade iron ore to 15 per cent from earlier 30 per cent to
enhance its export
188
213 213 219 208
169
136
68
0
50
100
150
200
250
FY07 FY08 FY09 FY10 FY11 FY12 FY13P FY14P
Concrete equipments sales growth
Source: Article from a key construction equipment website (http://www.nbmcw.com/articles/equipment-a-
machinery/23335-construction-equipment-demand-forecast-2014.html), Aranca Research, BMI
The burgeoning real estate industry in India gives a fillip to
the demand for concrete and building construction
equipment
The residential real estate demand is driven by
rising population and growing urbanisation
Rising income levels leading to higher demand for
luxury projects
Growing demand for affordable housing to meet the
demand from lower income groups
Commercial real estate demand will be driven by growth in
IT/ITeS sector and organised retail
Real estate market is expected to grow at a CAGR of 17.2
per cent over 2011-15 to USD126 billion
Increasingly construction is becoming more oriented toward
mechanisation to reduce project time and control costs –
leading to higher demand for advanced construction
equipment 2010 2014
1,200
2,800
4,000
7,500
200
700
Unit sales
22%
CAGR
3,800
9,000
1,500
3,600
FDI inflows in earth-moving equipments
Source: Department of Industrial Policy & Promotion (DIPP), Aranca Research
Notes: FDI – Foreign Direct Investment; FY11 - Cumulative from April 2000 to March 2011 and so on; FY14 - Data from April 2000 to October 2014
Fundamentals for the sector are set to remain strong on the
back of increasing infrastructure investments
Almost all global technology leaders in the construction
equipment sector have a presence in India – either as joint
ventures or with their own manufacturing or marketing
companies
Cumulative FDI inflow (since April 2000) into earth-moving
equipment increased at a CAGR of 12.2 per cent to
USD234.7 million in December 2014
Joint ventures with global majors have provided domestic
companies access to advanced technology and a whole
gamut of project management experience
Joint Venture Indian partner Foreign partner
Ashok Leyland –
John Deere
Ashok Leyland
50%
John Deere
50%
Telco Construction
Equipment
Tata Motors
60%
Hitachi
40%
74 75
132
134 134 134
170 175
234.7
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14
Mysore Plant
Aurangabad Plant
Source: Company websites
Vadodara Machine Shop
Vallabh Vidhyanagar
Facility
Bengaluru Plant
Kolar Plant
Bengaluru Factory
Gummidipoondi
Plant
Ranipet Plant
3S Integration Facility
Guwahati, Assam
Kumardhubi Factory
JCB India
BEML
Greaves Cotton
Elcon Eng.
Asansol Fabrication Shop
De-licensing • The material handling equipment industry is de-licensed and Foreign Direct Investment
(FDI) of up to 100 per cent under the automatic route as well as technology collaboration
is allowed freely
Policy initiatives related
to infrastructure
• Government of India’s focus on infrastructure development is the biggest driver for the
construction equipment industry.
• Projected infrastructure spending in the 12th plan is USD1,011 billion
• 100 smart cities and ‘Make in India’ programme projects to boos investment
Special Economic
Zones (SEZs)
• The government has granted sops, including a large number of SEZs, to the capital goods
industry of which construction equipment is a part; especially with an impetus to increase
exports
Source: Ministry of Agriculture, Union Budget 2011-12,
Interim Union Budget 2014-15, Aranca Research
Note: MDA - Marketing Development Assistance
Tariffs and custom
duties
• The government has removed tariff protection on capital goods
• Custom duties on a range of goods that are used in the manufacturing process have also
been lowered
• Custom duty exemption on road construction equipments extended to projects awarded by
MDA in the Union Budget of FY13
• Excise duty cut extended to December 31, 2014
Issue of tax-free
infrastructure bonds
• Infrastructure finance companies like India Infrastructure Finance Corporation (IIFCL),
National Highways Authority of India (NHAI), Housing and Urban Development Corp
(Hudco), Power Finance Corporation (PFC) and Indian Railway Finance Corporation
(IRFC) are allowed to issue tax-free bonds
• Due to this, companies raised about USD5.5 billion in FY12 and are estimated to have
raised about USD4.6 billion during FY13
• HUDCO and REC to raise around USD1.2 billion in 2014
Source: Ministry of Agriculture, Union Budget 2011-12, Aranca Research
Note: RRB - Regional Rural Bank
Encouragement of
Infrastructure Debt
Funds (IDFs)
• The Government of India set up the India Infrastructure Finance Company (IIFCL) to
provide long-term funding for infrastructure projects
• Interest payments on borrowings for infrastructure are subject to lower withholding tax rate
of 5 per cent, down from a tax rate of 20 per cent
• IDF’s income is exempt from tax
• Government cleared model tripartite pact for infra debt funds in ports
Source: Indian Earthmoving & Construction Industry Association Ltd (IECIAL),
Aranca Research
Renting and leasing of equipment After-sales services Exports
• The equipment rental and leasing
business in India is smaller compared
to Japan, USA and China
• Demand for rental equipment is set to
witness strong growth in the medium
term due to large investments in
infrastructure
• New players can also explore
opportunities in the equipment
finance business
• Higher rate of urbanisation would
further push growth in this sector
• It is a way to solve the liquidity crunch
and boost infrastructure
• Revenues from after-sales service in
India are 2–8 per cent, lower than the
global average of 12–20 per cent
• After-sales market is set to expand to
USD0.5 billion by 2015; players can
offer maintenance contracts with
improved pricing and execution
• While these services contribute only
modestly to revenues, they are
counter-cyclical and can also boost
spare part sales
• Increasing demand for customised
products brings in the opportunity to
develop after sale services like on-
site training and assistance
• Export opportunities are abound –
both in developed and emerging
economies
• Components and aggregates export
is a USD1 billion opportunity; local
suppliers can gain a decent share of
this by exporting engineering-
intensive and basic material based
components
• Opportunities in engineering and
design off shoring and equipment
exports may arise in the future
• Most of the Indian OEMs are cost
competitive and therefore have a
great opportunity in emerging
markets of Asia and Africa
Gross sales (USD million)
Source: Company Annual Report, Aranca Research
Note: BEML - Bharat Earth Movers Limited
BEML Limited is the first Indian company to start
manufacturing construction equipment in 1964
It is the largest manufacturer of earth-moving equipment in
India and the second largest in Asia; it has a (global)
presence in about 56 countries
The company has facilities in Kolar gold fields, Bengaluru,
Mysore and Palakkad
The company is a Mini-Ratna (Category 1) company under
the Ministry of Defence; it was listed on Indian bourses in
2003 and raised further funds by a follow on offer in 2007
Revenue stood at USD477 million for FY14
It also won Best Seller- Rigid dump trucks and Best Seller-
Crawler Dozers award in the 2nd Equipment India Awards-
2014
536 632 613 599
577 564 515
477
0
200
400
600
800
1,000
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14
Source: Department of Heavy Industry (DHI), Aranca Research
Notes: EMU - Electrical Multiple Unit, Company website
• Forms a joint
venture to enter
contract mining
of coal
• Begins operations at
its fourth
manufacturing
complex in Palakkad,
Kerala
• Forays into Thailand
for export of mining
equipments
• BEML supplied
nation’s first
stainless steel
EMUs to Indian
Railways
2009
2010
2011
2012
2014
• BEML supplied 50th
Metro train set to
Bangalore Metro Rail
Corporation Limited
(BMRCL)
Source: Company website, Aranca Research
Note: JV - Joint Venture
Backhoe loaders
Wheeled loaders
Excavators
Skid steer loaders
Pick and carry cranes
Soil compactor
Set up operations in
India as a JV with
Escorts group
Market share of
around 50 per cent
in backhoe loader
segment
54+ dealers and 450+
outlets across the
country
JCB UK acquires
100 per cent stake
Inaugurates world’s
largest Backhoe
loader
manufacturing
facility in Haryana
2013
USD1,104 million
turnover
1978 2003 2007 2009 2010 2011 2012 2013
JCB builds its
millionth machine
Yamuna Expressway
Source: Jaypee, Yamunaexpressway, Aranca Research
Yamuna Expressway is a 165-km, six-lane, controlled-
access expressway stretching between Greater Noida and
Agra
It is India’s longest controlled-access expressway,
developed by Jaypee Group under Public Private
Partnership (BOT model) for a total value of USD2.3 billion
The expressway became operational in August 2012
Silent features
• Length - 165.5 kms
• Number of Lanes - Six lanes extendable to eight
• Design speed - 120 kms per hour
• Speed Limit - 100 kms per hour for cars, 60 kms per hour
for heavy vehicles
• Main Toll Plazas - 4
• Minor Bridges - 41
Indian Earthmoving & Construction Industry Association Ltd
(IECIAL)
C/O Confederation of Indian Industry
The Mantosh Sondhi Centre
23 Institutional Area, Lodhi Road
New Delhi – 110 003
Tel: 011- 24629994-7, 011-45772032
Email: [email protected]
Engineering Export Promotion Council (EEPC)
‘Vanijya Bhawan’, 1st Floor
International Trade Facilitation Centre,
1/1, Wood Street,
Kolkata, West Bengal–700016.
Phone: 91-33-22890651, 22890652
E-mail: [email protected]
FY: Indian Financial Year (April to March) – So FY11 implies April 2010 to March 2011
USD: US Dollar– Conversion rate used: USD1= INR54.43
FDI: Foreign Direct Investment
CAGR: Compounded Annual Growth Rate
GOI: Government of India
IECIAL: Indian Earthmoving & Construction Industry Association Ltd
DHI: Department of Heavy Industries
R&D: Research and Development
JV: Joint Venture
SEZ: Special Economic Zone
IBEF: Indian Brand Equity Foundation
Wherever applicable, numbers have been rounded off to the nearest whole number
Exchange rates (Fiscal Year) Exchange rates (Calendar Year)
Average for the year
Year INR equivalent of one USD
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
2013-14 60.28
Year INR equivalent of one USD
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 58.44
Q12014 61.58
Q22014 59.74
Q32014 60.53
India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared
by Aranca in consultation with IBEF.
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